SAN FRANCISCO (MarketWatch) — Crude-oil futures erased an early decline Thursday to end at their highest in a week after Kiev said Russian forces crossed into eastern Ukraine, seizing a coastal town and several villages.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October
US:CLV4
rose 67 cents, or 0.7%, to $94.55 a barrel. That’s the highest settlement since Aug. 20.

October Brent crude on London’s ICE Futures exchange
UK:LCOV4
however, declined 26 cents, or 0.3%, to $102.46 a barrel.

Analysts said a heavy oil supply continues to keep a lid on prices, though fears of an escalating confrontation between Russia and the West have limited downside. U.S. stock-index futures traded lower and European stocks lost ground on the fears of escalating conflict over eastern Ukraine.

“Oil and heating oil are trying to put in its seasonal bottom after a less than inspiring Energy Information Administration petroleum status report,” said Phil Flynn, senior market analyst at Price Futures Group, in a note. “Reports that the separatist forces in eastern Ukraine are being supported by Russian tanks and armored personnel carriers leave little hope that a peaceful resolution of this crisis is anywhere in sight.”

Earlier Thursday, the Energy Information Administration reported that U.S. natural-gas supplies rose 75 billion cubic feet in the week ended Aug. 22. That was slightly above expectations of an increase between 76 bcf and 80 bcf, according to analysts polled by Platts.

Oil futures were left unfazed by an upward revision to second-quarter U.S. gross domestic product data and a fall in the weekly count of first-time applications for U.S. jobless benefits.

Meanwhile, Nymex reformulated gasoline blendstock for September
US:RBU4
— the benchmark gasoline contract — gained less than a penny to settle at $2.7527 a gallon.

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